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The closure of the Colonial pipeline which runs from the US Gulf to the US East Coast, has caused a spike in oil product tanker rates on trades to and from the region.
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian coal have started to hurt, according to Oceanbolt.
Between January and October, dry bulk exports out of the Black Sea increased by 13% y/y, driven by Russian wheat exports. After two strong consecutive wheat harvests in Russia, the country’s exports are now on track to reach a new record in 2023. However, Black Sea export volumes are 20% lower than in 2021 due to the loss of Ukrainian cargoes following Russia’s invasion of the country.
The different types of training at BIMCO Choose the way you want to learn about commercial shipping and maritime law.
Reaching 116.1 million tonnes, Chinese refineries’ output hit a new high for the first two months of the year. Increases in exports and domestic transportation demand, following higher export quotas and the lifting of COVID restrictions, are driving growth.
Immediately following Russia’s invasion of Ukraine on 24 February 2022, crude oil prices increased on fears of supply disruption. In less than two weeks, Brent prices rose from USD 97/barrel to USD 128/barrel. Since then, Brent prices have consistently been above USD 100 and above USD 110 since mid-May. On 5 July, Brent dropped to USD 102.77 and WTI ended at USD 99.50. Some analysts now predict even lower prices before the end of the year.
Chinese refinery crude oil throughput has reached its highest level ever, with total processed volumes up 12.0% in the first five months of this year compared to 2020, and up 10.9% from the same period in 2019.
On 22 July, Russia and Ukraine signed an agreement to allow grain exports from three ports in Ukraine during a period of 120 days. On 7 September, Putin expressed concerns over the agreement, giving rise to uncertainty about its scope and renewal.
Signing up more than one staff member to the company account in the Shipping KPI system provides users with access to valuable company performance information. Additionally, activating several user accounts, as opposed to just one or two, greatly lowers the risk of an inactive account if the staff member, or members, using the account, leaves the company.
“Fill her up son, unleaded; I need a full tank of gas where I'm headed,” former Police-front man, Sting, sang back in 1999 on his solo album: “Brand New Day”. This country-inspired song could be the anthem for what is coming around next week, as Monday 31 May is Memorial Day in the US; the day that kicks off “the US driving season”.
